AUDJPY Up 2 Pips in Last Hour, Entered Today Down For the 6th Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 23, 2020 0:13 GMT)

At the time of this writing, AUDJPY’s rate is up 180 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDJPY is down 62 pips (0.82%) since the previous day (opening today near 75.58), marking the 6th consecutive day it has gone down. Compared to its peers in the Forex, AUDJPY gave its buyers a return that ranked 35th in terms of percentage change since the previous day. Here is a price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

Coming into today AUDJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. For additional context, note that price has gone down 11 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDJPY, with 10 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Evening Traders, Second analysis – AUDJPY- price putting in a range deviation, any rallies are to be faded….Points to consider,- Trend bearish PA- Range High Resistance- Range Low Support – Oscillators Extended – Low Volume AUDJPY’s immediate price action is bearish by establishing a range deviation; this allows us to have a bearish bias on the market….The Range high is current resistance; a respect of the level will establish a bearish retest.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram